By John McGory
The events of the past few weeks have shown that the American public is fractured and confused. Contentious negotiations over the deficit, a credit rating reduction and the corresponding stock market roller coaster ride have made many nervous over the direction of our country.
The Real Estate Swami preaches patience for those who have real estate and are considering selling. He says that getting caught up in the rhetoric of the day is to be lost in the wilderness of opinions.
The swami points to comments made by Fannie Mae Chief Economist Doug Duncan that the U.S. is probably a little more than halfway through a 10-year adjustment period following housing market peaks in 2005 and 2006. The value of U.S. housing stock has dropped eight trillion dollars since 2006.
“The long–term structural problems with the real estate economy will take time to correct. Getting distracted by the wrangling in Washington can cause a confused mind,” says the swami.
Central Ohio average sales prices are down 3.5 percent from a year ago. That indicates that buyers will continue to have the upper hand, says the swami. Foreclosures have slowed due to banks moving slowly, which means another wave of foreclosed homes will be coming.
The swami warns not to become too passionate when considering your next real estate move. He points to the words of the Buddha: “As rain penetrates an improperly shingled roof, so passion overwhelms a confused mind.”
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The Real Estate Swami is brought to you by Web Face, a Columbus communication and marketing firm, http://www.web-face-solutions.com/
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